SINGTEL’S Australian subsidiary, Optus, has appointed Stephen Rue as its new chief executive (CEO), effective November 2024.
He is CEO of Australia’s National Broadband Network – a role which he has held since 2018. Before that, since 2014, he was the chief financial officer of the national wholesale open-access data network.
On Monday (May 6), Optus said his appointment comes after an “extensive internal, external and international search”.
“Stephen was chosen after a rigorous process that involved a slate of high-quality candidates… We expect his operational and financial background to lift service standards significantly for the benefit of our customers,” said Optus chairman Paul O’Sullivan.
Until Rue comes onboard, Michael Venter will continue to function as Optus’ interim chief – a role he took on in November 2023.
Venter’s appointment came shortly after the resignation of Kelly Bayer Rosmarin following a network-wide outage that affected over 10 million Optus customers. The company was also recently fined A$1.5 million (S$1.3 million) by the Australian authorities in relation to the incident.
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“He has been unstinting in his efforts to rebuild customer trust and strengthen the business, and will remain an asset to Optus going forward,” said O’Sullivan of Venter.
Once the leadership change takes effect, Rue and other Optus executives will report to the Optus board, which includes Singtel group CEO Yuen Kuan Moon as well as Venter.
Optus said its board and executives will work together to “reset strategy and rebuild customer trust in the Optus brand”.
In a statement, Yuen highlighted Optus’ role in the Singtel stable for the past two decades, reiterating that the subsidiary remains a strategic long-term commitment.
Singtel has repeatedly emphasised its commitment to Optus amid media speculation that the telecommunications group was in talks to sell its stake in Optus, and earlier this year, the Australian unit’s enterprise business.
Rue’s appointment also coincides with Singtel’s 2022 move to introduce a new governance model that adopts a decentralised, company-driven operating structure.
“In today’s uncertain economic environment, businesses need greater independence and agility to better navigate the market, and we believe the new governance model will set the Optus management up for success and help Optus restore and cement its position as a leading player in the Australian telecommunications market,” said Singtel’s Yuen.
Shares of Singtel : Z74 0% ended Friday flat at S$2.38.
